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Babcock chief talks up speedy Eircom split

ROBERT TOPFER, the chief executive of Australian fund Babcock & Brown, has put the prospect of splitting Eircom into separate retail and network businesses back on the agenda.

Topfer told Australian reporters: “If we can split the business, we’ll do it.” Babcock later confirmed that it would not aim to split the businesses in the first couple of months, but may seek to do so within a one or two-year period.

“We spoke to the government about it before we started (the takeover) and they see that sort of separation as the best outcome for Ireland,” Topfer is reported to have said.

Babcock will gain formal control of the former state telecoms monopoly next week, when its €2.36 billion takeover will be rubber-stamped after a court hearing on August 17.

“Topfer would obviously like it (a split) to happen sooner rather than later,” a Babcock representative told The Sunday Times.